Market Overview - The Shanghai Composite Index opened lower and continued to decline, closing down 2.45% with a trading volume of 824.9 billion, an increase of 113.6 billion from the previous trading day [2] - The Shenzhen Component Index also opened significantly lower, closing down 3.41% with a trading volume of 1.14 trillion, up 143.2 billion from the previous day [2] Technical Analysis - The Shanghai Composite Index fell below the 60-day moving average, indicating a stronger bearish trend. The MACD indicator shows expanding green bars, and the DIFF and DEA lines are further declining, reinforcing the bearish signal [5] - The Shenzhen Component Index experienced a similar trend with MACD green bars expanding and a solidifying bearish crossover, indicating strong bearish momentum [6] Market Sentiment - The market sentiment is extremely poor, with approximately 354 stocks rising and 5072 stocks declining, resulting in a rise-to-fall ratio of about 1:10 [7] - There were around 33 stocks hitting the daily limit up and 118 stocks falling by more than 10%, indicating a significant drop in short-term sentiment [8] Major Events - The delayed non-farm payroll data for September exceeded expectations, but it did not resolve the internal divisions within the Federal Reserve, leading to a continued decrease in the likelihood of a rate cut in December [9] Summary - The market experienced a significant adjustment with the Shanghai Composite Index down over 2% and the ChiNext Index down over 4%. Nearly 5100 stocks declined, and 99 stocks hit the daily limit down, reflecting a sustained low market sentiment [10] - The lithium battery sector saw a broad decline, with lithium mining stocks experiencing a limit down trend, while only a few sectors like agriculture and aquaculture showed gains [10][13] - The overall market is still in a phase of concentrated bearish sentiment, and investors are advised to remain cautious and wait for signs of a potential reversal before seeking opportunities [11]

Market Overview - The A-share market experienced weak fluctuations with the three major indices closing lower, where the Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [1][2] - The total market turnover reached 198.36 billion yuan, an increase of 26.1 billion yuan compared to the previous trading day [1] Sector Performance - The China Shipbuilding sector saw a notable increase of over 3%, while sectors such as energy metals, batteries, and silicon energy underwent adjustments [2] - New stock Dapeng Industrial surged over 1200%, and leading stocks in the coated sand industry, such as Changjiang Materials, hit the daily limit [2][4] - The energy metals sector faced significant declines, with leading stocks like Ganfeng Lithium, Shengxin Lithium Energy, and Tianqi Lithium hitting the daily limit down [2] AI and Technology Sector Insights - Concerns regarding the ability of AI investments to achieve substantial capital returns through a commercial loop are central to market anxieties about the technology sector [3] - The technology sector is currently experiencing a divergence of opinions, with some analysts viewing AI valuations as high and capital expenditure pressures significant, while others remain optimistic about long-term applications [2][3] Specific Company Developments - Changjiang Materials, a leader in the coated sand industry, reported a total market value of 3.816 billion yuan and plans to expand its 3D printing sand products [6][4] - Pingao Co., Ltd. announced a planned investment of 400 million yuan in Jiangyuan Technology, acquiring a 14.2151% stake, which is expected to increase to 15.4182% post-investment [8] Price Trends in Energy Metals - The energy metals sector saw a significant drop of 9.11%, with lithium carbonate and lithium hydroxide prices expected to decline by 25.17% and 21.47% respectively in the first three quarters of 2025 compared to 2024 [9] - Analysts predict a potential rebound in energy metal prices in the third quarter of 2025, supported by macroeconomic easing expectations [9][10]

Market Performance - The three major A-share indices opened lower and experienced a downward trend throughout the day, with the Shanghai Composite Index closing down 2.45% at 3834.89 points, falling below the 3900-point mark [1] - The Shenzhen Component Index and the ChiNext Index fell by 3.41% and 4.02%, closing at 12538.07 points and 2920.08 points respectively [1] Sector Performance - The energy metals sector saw significant declines, with stocks such as Tibet Mining and Shengxin Lithium Energy hitting the daily limit down [1] - The storage chip sector also weakened, with companies like Demingli and Dawi Shares experiencing daily limit down [1] - Only three sectors, namely shipbuilding, Kimi concept, and Sora concept, showed positive performance on that day [1] Individual Stock Performance - A total of 354 A-shares rose, with 33 stocks hitting the daily limit up, while 5072 stocks declined, including 99 stocks hitting the daily limit down [1] - Notably, the newly listed stock Dapeng Industrial on the Beijing Stock Exchange surged on its first trading day, with an intraday increase of over 1600%, ultimately closing up 1211.11%, marking the largest first-day gain for a new stock this year [1] Trading Volume - The trading volume for the Shanghai Stock Exchange was approximately 824.93 billion yuan, while the Shenzhen Stock Exchange recorded about 1.14 trillion yuan, leading to a combined trading volume of around 1.97 trillion yuan [1]

国家能源局：10月份全社会用电量8572亿千瓦时同比增长10.4% 国家能源局消息，10月份，全社会用电量8572亿千瓦时，同比增长10.4%。分产业看，第一产业用电量 120亿千瓦时，同比增长13.2%；第二产业用电量5688亿千瓦时，同比增长6.2%，其中，工业用电量同 比增长6.4%；第三产业用电量1609亿千瓦时，同比增长17.1%，其中，充换电服务业以及信息传输、软 件和信息技术服务业用电量增长较快；城乡居民生活用电量1155亿千瓦时，同比增长23.9%。 截至收盘，沪指报3834.89点，跌幅2.45%，成交额约8249亿元；深成指报12538.07点，跌幅3.41%，成 交额约11407亿元；创业板指报2920.08点，跌幅4.02%，成交额约5374亿元；科创综指报1503.36点，跌 幅3.75%，成交额约1726亿元；北证50指数报1377.39点，跌幅4.71%，成交额约182亿元。 机构观点 巨丰投顾：周五市场震荡调整，中船系板块涨幅居前。从目前趋势看，市场整体趋势依然向上，但短期 阶段性调整已然展开。三季报行情结束，但红利板块与科技股反复拉锯的局面没有结束，投资者仍需重 点关注前期热 ...

Market Overview - On November 21, A-shares experienced a collective decline, with the Shanghai Composite Index falling by 2.45% to close at 3834.89 points, breaching the 3900-point mark [1] - The Shenzhen Component and ChiNext Index dropped by 3.41% and 4.02%, closing at 12538.07 points and 2920.08 points respectively [1] Sector Performance - The energy metals sector led the declines, with stocks such as Tibet Mining and Shengxin Lithium Energy hitting the daily limit down [1] - The storage chip sector also weakened, with companies like Demingli and Dawi Shares experiencing significant losses [1] - Only three sectors, namely shipbuilding, Kimi concept, and Sora concept, showed positive performance on that day [1] Individual Stock Movements - A total of 354 A-shares rose, with 33 stocks hitting the daily limit up, while 5072 stocks fell, including 99 stocks hitting the daily limit down [1] - Notably, the newly listed stock Dapeng Industrial on the Beijing Stock Exchange surged on its first trading day, peaking with an increase of over 1600% and ultimately closing up 1211.11%, marking the largest first-day gain for a new stock this year [1] Trading Volume - The trading volume for the Shanghai Stock Exchange reached approximately 8249.31 billion yuan, while the Shenzhen Stock Exchange recorded about 11407.3 billion yuan, leading to a combined trading volume of around 1.97 trillion yuan [1]

Market Overview - US and Asia-Pacific stock markets experienced a collective decline, with A-shares also falling significantly. The Shanghai Composite Index dropped by 2.45% to 3834 points, the Shenzhen Component Index fell by 3.41%, and the ChiNext Index decreased by 4.02% [1][2]. Index Performance - The Shanghai Composite Index closed at 3834.89, down by 96.16 points (2.45%) - The Shenzhen Component Index closed at 12538.07, down by 442.75 points (3.41%) - The ChiNext Index closed at 2920.08, down by 122.26 points (4.02%) - The North China 50 Index fell by 4.71% to 1377.39 [2]. Sector Performance - Lithium mining and battery sectors faced significant declines, with multiple stocks hitting the daily limit down, including Ganfeng Lithium, Jiangte Motor, and Tianqi Lithium [3]. - The organic silicon sector also saw a downturn, with stocks like Yuanxiang New Materials dropping over 10% [3]. - The titanium dioxide sector declined, with Guocheng Mining hitting the daily limit down [3]. - Battery stocks generally fell, with companies like Xingyuan Materials dropping over 10% [3]. - Fertilizer and phosphorus chemical sectors also experienced declines, with Chengxing Shares hitting the daily limit down [3]. - The photovoltaic equipment sector weakened, with Jincheng Shares hitting the daily limit down [3]. - Conversely, the shipbuilding sector rose against the trend, with Jianglong Shipbuilding increasing by over 14% [3]. - The AI application sector saw slight gains, with Kimi and Sora concepts leading the rise, and Yidian Tianxia hitting the daily limit up [3].

Core Viewpoint - The three major indices in the market opened lower and continued to experience fluctuations throughout the day, with the Shanghai Composite Index falling over 2% and closing below 3900 points [1] Market Performance - The Shanghai Composite Index decreased by 2.45% - The Shenzhen Component Index fell by 3.41% - The ChiNext Index dropped by 4.02% [1] Sector Performance - The seed industry concept showed strength, with Qianyuan High-Tech rising over 16% - The aquatic products sector was active, with Zhongshui Fishery and Zhangzidao hitting the daily limit [1] - The Sora concept saw significant gains, with Vision China and Yidian Tianxia reaching the daily limit [1] - Lithium mining and salt lake lithium extraction concepts weakened significantly, with multiple stocks including Dazhong Mining, Tibet Mining, Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium Energy, and Jinyuan Co. hitting the daily limit down [1] - The organic silicon sector declined, with Chenguang New Materials hitting the daily limit down [1] - Internet and media entertainment sectors showed the highest gains, while non-ferrous metals, chemicals, semiconductors, and electrical equipment sectors experienced the largest declines [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.98 trillion yuan, with over 5100 stocks declining [1]

Market Overview - The market experienced a significant decline with a trading volume of approximately 2 trillion, an increase of about 250 billion compared to the previous trading day, and over 5,000 stocks fell [1] - The decline in the market is attributed to ongoing risk aversion, following the overnight performance of US stocks, and a significant drop in Asian markets such as Japan and South Korea [1][2] - The core logic behind the global market downturn is a combination of changing liquidity expectations and a divergence in AI narratives, with funds shifting from growth stocks to defensive sectors [1][2] Sector Performance - The military industry saw a rise, particularly the China Shipbuilding sector, with notable stocks like Jiuzhiyang hitting the daily limit [2] - AI application concepts also experienced gains, with stocks like Yidian Tianxia and Visual China reaching their daily limits [2] - Conversely, sectors such as lithium resources, energy metals, and solid-state batteries faced significant declines, with multiple stocks hitting the daily limit down [3] Fund Flows - Main funds focused on sectors such as agriculture, marine equipment, and fisheries, with notable net inflows into stocks like Kaimeteqi and Saiwei Electronics [4] Economic Indicators - The National Energy Administration reported that the total electricity consumption in October reached 8,572 billion kilowatt-hours, a year-on-year increase of 10.4% [6] Strategic Insights - Morgan Stanley forecasts that 2026 will be a year of stabilization for Chinese stocks, with limited upside for indices and moderate profit growth [5] - Zheshang Securities maintains a neutral to optimistic outlook on the market, emphasizing a balanced approach between cyclical and technology growth sectors [8] - Huaxin Securities indicates that while the A-share market is currently in a tug-of-war around the 4,000-point mark, there are no clear signals of a market peak yet [9]

Market Overview - The market experienced a day of volatility with all three major indices declining, with the ChiNext Index falling over 4% and the Shanghai Composite Index down more than 2% [1][2] - A total of over 5000 stocks declined, indicating a broad market downturn [1] Sector Performance - The military industry sector showed localized activity, with companies like Jiuzhiyang and China Shipbuilding Defense leading in gains [1] - The lithium mining sector saw significant pullbacks, with stocks such as Ganfeng Lithium and Shengxin Lithium Energy hitting the daily limit down [1] - Storage chip stocks continued to decline sharply, with companies like Purun and Xiangnong Chip Innovation dropping over 10% [1] - The photovoltaic equipment sector also faced collective adjustments, with Jincheng Co. hitting the daily limit down [1] Closing Figures - The Shanghai Composite Index closed at 3834.89 points, down 2.45% - The Shenzhen Component Index closed at 12538.07 points, down 3.41% - The ChiNext Index closed at 2920.08 points, down 4.02% [2]

Market Overview - The US and Asia-Pacific stock markets experienced a collective decline, with the A-share market also seeing significant drops. The Shanghai Composite Index fell by 2.45% to 3834 points, the Shenzhen Component Index dropped by 3.41%, and the ChiNext Index decreased by 4.02% [1] Trading Volume and Market Performance - The total market turnover reached 1.98 trillion yuan, an increase of 261 billion yuan compared to the previous trading day, with nearly 5100 stocks declining [1] Sector Performance - Lithium mining and battery sectors faced a wave of limit-downs, with companies like Ganfeng Lithium, Jiangte Motor, and Tianqi Lithium seeing significant declines. The organic silicon sector also fell, with stocks like Yuanxiang New Materials dropping over 10% [1] - The titanium dioxide sector declined, with Guocheng Mining hitting the limit down. Battery stocks generally fell, with companies like Xingyuan Materials dropping over 10% [1] - The fertilizer and phosphorus chemical sectors also saw declines, with Chengxing Shares hitting the limit down. The photovoltaic equipment sector weakened, with Jincheng Shares also hitting the limit down [1] - Conversely, the shipbuilding sector rose against the trend, with Jianglong Shipbuilding increasing by over 14%. The AI application sector saw slight gains, with Kimi and Sora concepts leading the rise, and Yidian Tianxia hitting the limit up [1] Index Performance - The performance of various indices was as follows: - Shanghai Composite Index: 3834.89, down 96.16 points (-2.45%) - Shenzhen Component Index: 12538.07, down 442.75 points (-3.41%) - ChiNext Index: 2920.08, down 122.26 points (-4.02%) - CSI 300: 4453.61, down 111.34 points (-2.44%) - CSI 500: 6817.41, down 244.54 points (-3.46%) [1]